Pros
Highly competent people, who are fun to work with and easy to get along with. Location in the heart of San Francisco isn't too shabby. Everyone has high-end Macs and multiple monitors to use. Friendly, prompt, and good-quality helpdesk and production IT support services. Interesting challenges to work on solving, and an overall pleasant environment within which to work.
Cons
Very top heavy, almost a 1:1 ratio of managers to individual contributors. Frequent micromanagement, with senior managers trying to exert control over things they don't understand but refuse to delegate. Managers never have 1:1 meetings with their direct reports, company never buys anyone lunch, and praise or thanks is never given out except on an employee's last day. Complete lack of technical direction in the company, with multiple CTOs hired and fired over the past few years. Fully-outsourced development makes communication difficult due to vast timezone differences. Core product is years out of date, customers are leaving due to this, yet efforts to address this are 99% talk and 1% action.